Not a bad theory but given the density and dry carbon mass of single celled algae I think you would end up producing more CO2 powering the air pump and supplying water for algae culture than the algae absorbs. Kelp or another macro algae would probably be better suited, as it produces a much higher biomass than micro algae. For a fish room OK the CO2 is elsewhere and might help out some. I believe similar systems are being tested on power plants utilizing the CO2 from combustion to grow algae and reduce emissions. I think the technology is useful but needs better practical application to prevent carbon footprint in development in the first place quite similar to how solar cells take quite a bit of oil to produce in the first place making green power not so green.
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